The Federal Government has come out to say that the Nigeria Social Insurance Trust Fund, NSITF has passed through financial hemorrhage in recent years.
The Minister of Labour and Employment, Senator Chris Ngige recently revealed this at the inauguration of the reconstituted board of the NSITF at Old Banquet Hall, Abuja.
According to him, the new management should focus on freeing the Fund from the claws of stagnation, while leading a rewarding change.
He added that any corrupt element remaining in NSITF should also know that their days are numbered.
His words, “If there are some corrupt elements remaining in NSITF, I sound a warning, your days are over.”
“It is important for me to draw the attention of the new management to the financial hemorrhage the NSITF has passed through in the last few years and the imperative of a new direction as contained in the directive of the President.”
“The NSITF must be revitalized and repositioned to fulfill its mandate in accordance with the establishing Act.”
“Instructively therefore, the new management should not indulge in the sins of the past and must adhere to the statutory conditions of service and remunerations for board members approved by the Minister as enshrined in the NSITF Act.”
“Besides, procurements must be done as contained in Procurement Act 2007 and Finance Act, Financial Regulations and the extant government circulars especially on threshold of procurement items.”
“Let’s acknowledge at this juncture the ground zero level on which you are taking over today (Tuesday). In spite your performance will be measured every quarter and annually with the yearly reports and audited accounts to enable the ministry do her own report to the President.”
“Our measure as supervising ministry is tied to your performance in terms of realization of your mandate and vision. I congratulate you all especially those who held the ship in the past. 11 months which was a trying period even as you recorded an increase of about N7 billion in your contributions when compared to same time last year.”
“The years of the locust is now over. You can’t afford to take us back to Egypt. The era of looting of N48 billion without a single voucher is gone for good.”
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